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Net Insight

Net Insight

Media technology solutions

Net Insight is a media technology company focusing on media networks, resource optimisation and streaming solutions. Net Insight strives to be a key partner to its customers and a leader in the media industry’s transition towards an improved media experience for end-users at lower cost. Its main customer group consists of network service providers and broadcasters. With 220 employees, sales stem from a global basis and through three business units covering media networks, resource optimisation and to-consumer live streaming.

Net Insight develops solutions to produce, contribute and distribute media content for service providers and broadcasters. These are facing a challenging market requiring more content production at higher quality and less resources. This is exactly what Net Insight helps out with, through its media networks, resource optimisation and to-consumer streaming solutions. The market trends should be in favour of Net Insight’s role in the value chain and its product offering.

As many other technology companies, Net Insight is operating in an ever changing industry with movements between old and new technologies. This could result in the company’s offering going from highly important to almost obsolete over a short period in time, and also create an environment with new competitors occuring. Sales stem from a global basis which also adds risk from a global investment appetite and FX movements.

SEKm 2019 2020e 2021e
Sales 449 388 430
Sales growth (%) -0,7 -13,6 11,1
EBITDA 57 70 75
EBITDA margin (%) 12,6 18,2 17,4
EBIT adj 17 11 14
EBIT adj margin (%) 3,7 2,7 3,3
Pretax profit -7 5 14
EPS rep -0,01 0,65 0,03
EPS growth (%) 92 5449 -95,6
EPS adj 0,04 0,01 0,03
DPS 0 0,5 0
EV/EBITDA (x) 15,3 8,2 10,6
EV/EBIT adj (x) 52,7 54,3 56,5
P/E (x) -189,6 3,5 80,1
P/E adj (x) 57 261,3 80,1
EV/sales (x) 1,9 1,5 1,8
FCF yield (%) -3,5 31 1,7
Dividend yield (%) 0 21,7 0
Net IB debt/EBITDA -0,2 -4,3 -1,1
SEKm 2019 2020e 2021e
Sales 449 388 430
COGS -615 -157 -170
Gross profit -166 231 261
Other operating items 223 -160 -186
EBITDA 57 70 75
Depreciation on tangibles -9 -10 -10
Depreciation on intangibles -40 -39 -40
EBITA -4 11 14
Goodwill impairment charges 0 0 0
Other impairment and amortisation 0 0 0
EBIT -4 11 14
Other financial items 0 0 0
Net financial items -3 -6 0
Associated income 0 0 0
Other EO items 0 0 0
Pretax profit -7 5 14
Tax 2 -1 -3
Net profit -5 3 11
Minority interest 0 0 0
Net profit discontinued 0 245 0
Net profit to shareholders -5 248 11
EPS -0,01 0,65 0,03
EPS Adj 0,04 0,01 0,03
Total extraordinary items after tax -20,1 0 0
Tax rate (%) -29,7 -29,7 -22
Gross margin (%) -37,1 59,6 60,6
EBITDA margin (%) 12,6 18,2 17,4
EBITA margin (%) -0,8 2,7 3,3
EBIT margin (%) -0,8 2,7 3,3
Pretax margin (%) -1,5 1,2 3,3
Net margin (%) -1 0,9 2,6
Growth rates Y/Y 2019 2020 2021
Sales growth (%) -0,7 -13,6 11,1
EBITDA growth (%) 115,2 24,4 6,6
EBIT growth (%) 95,2 394,7 32,8
Net profit growth (%) 92 172,5 226,2
EPS growth (%) 92 5449 -95,6
Profitability 2019 2020 2021
ROE (%) -1 42,2 1,8
ROE Adj (%) 3,2 0,6 1,8
ROCE (%) -0,7 1,6 2
ROCE Adj(%) 3,1 1,6 2
ROIC (%) -0,6 1,7 2,6
ROIC Adj (%) 2,8 1,7 2,6
Adj earnings numbers 2019 2020 2021
EBITDA Adj 77 70 75
EBITDA Adj margin (%) 17,1 18,2 17,4
EBITA Adj 17 11 14
EBITA Adj margin (%) 3,7 2,7 3,3
EBIT Adj 17 11 14
EBIT Adj margin (%) 3,7 2,7 3,3
Pretax profit Adj 13 5 14
Net profit Adj 15 3 11
Net profit to shareholders Adj 15 3 11
Net Adj margin (%) 3,4 0,9 2,6
SEKm 2019 2020e 2021e
EBITDA 57 70 75
Net financial items -3 -6 0
Paid tax 0 -1 -3
Non-cash items -19 2 0
Cash flow before change in WC 35 65 72
Change in WC -67 82 -3
Operating cash flow 61 57 69
CAPEX tangible fixed assets -2 -4 -4
CAPEX intangible fixed assets -90 -85 -85
Acquisitions and disposals 0 305 35
Free cash flow -31 273 15
Dividend paid 0 0 -191
Share issues and buybacks -2 0 0
Other non cash items -51 32 -35
Decrease in net IB debt -91 293 -220
Balance Sheet (SEKm) 2019 2020 2021
Goodwill 66 66 66
Indefinite intangible assets 11 11 11
Definite intangible assets 185 231 276
Tangible fixed assets 30 24 18
Other fixed assets 32 32 32
Fixed assets 375 413 449
Inventories 45 39 43
Receivables 121 109 121
Other current assets 94 0 0
Cash and liquid assets 52 345 125
Total assets 686 905 738
Shareholders equity 464 712 532
Minority 0 0 0
Total equity 464 712 532
Long-term debt 21 21 21
Pension debt 0 0 0
Convertible debt 0 0 0
Deferred tax 0 0 0
Other long-term liabilities 0 0 0
Short-term debt 0 0 0
Accounts payable 36 54 60
Other current liabilities 114 66 73
Total liabilities and equity 686 905 738
Net IB debt -12 -304 -84
Net IB debt excl. pension debt -12 -304 -84
Capital invested 452 408 447
Working capital 109 27 30
EV breakdown 2019 2020 2021
Market cap. diluted (m) 880 880 880
Net IB debt Adj -12 -304 -84
Market value of minority 0 0 0
Reversal of shares and participations 0 0 0
Reversal of conv. debt assumed equity 0 0 0
EV 869 576 796
Capital efficiency (%) 2019 2020 2021
Total assets turnover (%) 67,1 48,7 52,4
Capital invested turnover (%) 106,9 90,2 100,7
Capital employed turnover (%) 85,2 58,7 62
Inventories / sales (%) 10,1 10,8 9,5
Customer advances / sales (%) 17,3 22,8 16,2
Payables / sales (%) 13,8 11,6 13,3
Working capital / sales (%) 16,9 17,6 6,7
Financial risk and debt service 2019 2020 2021
Net debt / equity (%) -2,5 -42,8 -15,9
Net debt / market cap (%) -1,5 -34,6 -9,6
Equity ratio (%) 67,6 78,7 72,1
Net IB debt adj. / equity (%) -2,5 -42,8 -15,9
Current ratio (%) 194,1 376,6 200,3
EBITDA / net interest (%) 1881 1209,8 0
Net IB debt / EBITDA (%) -20,7 -432,4 -112,3
Interest cover (%) -119,6 182,3 N/A
SEKm 2019 2020e 2021e
Shares outstanding adj. 383 383 383
Fully diluted shares Adj 383 383 383
EPS -0,01 0,65 0,03
Dividend per share Adj 0 0,5 0
EPS Adj 0,04 0,01 0,03
BVPS 1,21 1,86 1,39
BVPS Adj 0,56 1,09 0,5
Net IB debt / share 0,1 -0,7 -0,1
Share price 2,01 2,3 2,3
Market cap. (m) 771 880 880
Valuation 2019 2020 2021
P/E -189,6 3,5 80,1
EV/sales 1,94 1,49 1,85
EV/EBITDA 15,3 8,2 10,6
EV/EBITA -241,3 54,3 56,5
EV/EBIT -241,3 54,3 56,5
Dividend yield (%) 0 21,7 0
FCF yield (%) -3,5 31 1,7
P/BVPS 1,9 1,24 1,66
P/BVPS Adj 4,12 2,12 4,63
P/E Adj 57 261,3 80,1
EV/EBITDA Adj 11,3 8,2 10,6
EV/EBITA Adj 52,7 54,3 56,5
EV/EBIT Adj 52,7 54,3 56,5
EV/cap. employed 1,6 0,7 1,3
Investment ratios 2019 2020 2021
Capex / sales 20,5 23 20,7
Capex / depreciation 187,8 183,5 179,2
Capex tangibles / tangible fixed assets 6,5 16,7 22,1
Capex intangibles / definite intangibles 48,8 36,9 30,9
Depreciation on intangibles / definite intangibles 21,5 16,9 14,5
Depreciation on tangibles / tangibles 31,8 40,1 54,1

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Main shareholders - Net Insight

Main shareholders Share capital % Voting shares % Verified
Jan Barchan 13.6 % 13.3 % 30 Apr 2020
Avanza Pension 5.9 % 5.8 % 30 Apr 2020
Lannebo Fonder 5.3 % 5.1 % 31 Mar 2020
Alecta Pensionsförsäkring 3.2 % 3.1 % 30 Apr 2020
Wilda Go AB 3.0 % 2.9 % 30 Apr 2020
Nordnet Pensionsförsäkring 2.6 % 2.5 % 30 Apr 2020
Nordea Liv & Pension 2.1 % 2.0 % 30 Apr 2020
Net Insight AB 1.8 % 1.8 % 30 Apr 2020
Hanna Barsum 1.1 % 1.1 % 30 Apr 2020
Lars Bergkvist 1.0 % 1.0 % 30 Apr 2020
Source: Holdings by Modular Finance AB

Insider list - Net Insight

Name Quantity Code Date
Jan Thorsten Hugo Barchan + 959 329 BUY 13 Mar 2020
Jan Thorsten Hugo Barchan +2 131 358 BUY 12 Mar 2020
Jan Thorsten Hugo Barchan +2 009 390 BUY 11 Mar 2020
Crister Fritzson +11 715 000 BUY 6 Mar 2020
Per Bengtsson Bourn + 40 000 BUY 17 Feb 2020
Erik Mathias Berg + 30 000 BUY 29 Nov 2018
Henrik Sund + 400 000 BUY 21 Nov 2018
H-Sund Consulting AB + 100 000 BUY 15 Nov 2018
H-Sund Consulting AB + 150 000 BUY 14 Nov 2018
H-Sund Consulting AB + 150 000 BUY 14 Nov 2018

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